Artisan Acquisition in an 8-K filing disclosed multiple amendments to its merger agreement with Prenetics Group, a genomic and diagnostic testing company. Changes include amendments to the share conversion ratio, the PIPE financing and forward-purchase agreements and the business combination.
The sponsor’s lockup on selling 50% of its stake, post merger, was cut in half to six months, with the remainder clear to sell after 12 months, post-merger, down from 18 months.
As announced last September, the transaction gives Prenetics an enterprise value of $1.25 billion with a combined equity value of approximately $1.7 billion, which would make the company the first unicorn from Hong Kong to be publicly listed in any market if the deal is ultimately approved. Read more.
